Banyan operates a SKU-level purchase data database and platform that ingests first-party receipt and transaction data from merchants to power use cases such as expense management, card-linked offers, fraud prevention and targeted loyalty programs. The company emphasizes privacy by sourcing data directly from merchants and minimizing collection of personal information. Banyan says its network includes over 35,000 merchant partners and that it has processed billions of transactions and receipts; it declined to disclose revenue or customer-count details. The new capital will be used for product research and development, infrastructure growth and to expand headcount from 46 employees to about 50 by year-end. CEO Jehan Luth, who founded the company in 2019, positions Banyan as a standards-and-integration layer that removes the need for screen scraping or manual receipt capture. The company aims to enable financial institutions to deliver personalized digital experiences while helping merchants drive targeted offers and manage inventory more efficiently.

Total raised

$43M

Funding rounds

2

Latest round

Debt Financing

Latest activity

Oct 2022